Fenice Investment Group Leads Round to Expand Green Hydrogen PEM Electrolyzer Company
FREMONT, Calif. and BANGALORE, India, April 14, 2022 /PRNewswire/ -- Ohmium International, Inc., a green hydrogen company that designs, manufactures, and deploys PEM Electrolyzers, announced the close of a $45 million Series B Financing today. Existing investor Fenice Investment Group led the round, with participation from current major investors and new investor Energy Transition Ventures. The funds will support Ohmium's rapid growth plan to quadruple hydrogen manufacturing capacity from 500 MW annually to approximately two GW annually by the end of 2022. Ohmium's unique interlocking modular PEM electrolyzers provide a safer, modular, flexible, easy to install and maintain alternative to customized electrolyzers. The company has research and development facilities in the United States and India–with manufacturing operations in India.
"The world has been waiting for cost-effective green hydrogen to usher in the hydrogen economy," said Ahmad Chatila, of Fenice Investment Group and Chairman of Ohmium International. "Ohmium now has the resources and the manufacturing capacity to make it a reality today for customers worldwide."
"The market demand for low carbon hydrogen is growing rapidly. Ohmium has the most experienced executive and technical team we've come across in this industry in many years, and is running the winning green hydrogen playbook – high volume, low cost, modular manufacturing of PEM electrolyzers to supply the global market," said Craig Lawrence, Partner at Energy Transition Ventures. "In a world where renewable power costs are cheaper than even the fuel for fossil power, green hydrogen is poised to transform energy and industrial markets."
"We're thrilled to be expanding at this critical time. The world is rapidly transitioning away from fossil fuels and towards clean energy–and recent events have only accelerated that move. We can no longer tie our economies to unreliable fossil fuels. Green hydrogen will play a critical role in our clean energy future. This funding allows us to expand our manufacturing capacity toward the approximately two GW per year target by the end of this year. Our sales have been growing very rapidly, and increasing the manufacturing capacity is critical to meeting the current and the near-term future demand in the rapidly expanding market," said Arne Ballantine, CEO of Ohmium International.
Ohmium manufactures standardized interlocking modular Proton Exchange Membrane (PEM) electrolyzers able to produce pressurized high-purity hydrogen. Individual electrolyzers can be stacked to significantly reduce installation and maintenance costs while enabling unlimited configurations of deployment sizes. Ohmium's proprietary electrolyzer stack technology can sustain a differential pressure across the membrane without compromise, which enhances cost-effective operations.
Hydrogen is an essential element used in steelmaking, fertilizer production, refineries, and many other heavy and light industries. The majority of hydrogen is made from fossil fuels today, making it a heavy carbon polluter. Cost-effective green hydrogen – emission-free hydrogen made from water electrolysis using renewable energy sources – is critical for the world to meet its Net-Zero emission targets. For more information, visit: https://ohmium.com
Ohmium International enables industries to deploy green hydrogen for a sustainable future. The company's suite of electrochemical products enables customers to achieve maximum value in industrial, transportation, and energy projects. Ohmium is headquartered in the United States, with manufacturing in India and operations worldwide.
For more information, please visit www.ohmium.com.
About Energy Transition Ventures
Energy Transition Ventures LLC is a venture capital fund manager headquartered in Houston, Texas, investing in early-stage startups that benefit from or drive the energy transition.
For more information, please visit www.energytransitionventures.com.
SOURCE Ohmium International, Inc.